List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Determine hazards and exposures | 1.1 Undertake comprehensive physical examination of risk, including hazard indicators 1.2 Interview client and relevant third parties to identify potential risk components |
2. Analyse level of hazards and exposures | 2.1 Assess risk type against known exposure factors 2.2 Assess risk type for compliance with relevant legislation and organisational policy 2.3 Determine acceptability of risk within organisation’s underwriting requirements 2.4 Estimate maximum probable loss, where applicable |
3. Report and recommend on condition of risk exposure | 3.1 Document condition and improvements according to organisational policy and procedures 3.2 Specify and apply loss control measures as condition of risk acceptance and determination of renewal |
4. Monitor and review loss control measures | 4.1 Follow up loss control measures and record according to organisational policy and procedures 4.2 Monitor risk improvement against loss control measures 4.3 Conduct follow up risk surveys as required |
Evidence of the ability to:
interpret and comply with all legal obligations and organisational procedures
develop a suitable insurance contract or policy after identifying and thoroughly assessing hazards and exposures to identify risks
conduct comprehensive surveys of potential risk exposure and develop recommendations to control or minimise risk of loss
monitor loss control measures in accordance with underwriter’s guidelines and organisational procedures
monitor risk improvements against loss control measures.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements
explain the calculation of maximum probable loss (MPL)
describe the potential market share for the product or line of business
outline organisational policy, procedures, underwriting guidelines and levels of authority
describe relevant underwriting principles related to insurance products and define the difference between treaty and facultative reinsurance
outline relative industry hazards
identify and describe key features of relevant legislative and compliance requirements
explain risk prevention methods and application
identify relevant statutory hazard, health and safety legislation.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:
organisational records
organisational policy, procedures, legislation and regulations as they relate to contracts of insurance
a range of common technology and software.
Assessors must satisfy NVR/AQTF assessor requirements.